[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
May 11, 2020
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Contact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Revision of Forecast of Financial Results and Distribution forthe 34th Fiscal Period Ending June 2020
Invincible Investment Corporation (“INV”) today announced the revision of its forecast of financial
results and Distribution per Unit (“DPU”) for the fiscal period ending June 2020 (34th Fiscal Period),
stated as TBD in “Notice concerning Revision of Forecast of Financial Results and Distribution forthe 34th Fiscal Period Ending June 2020 and 35th Fiscal Period Ending December 2020” dated
April 24, 2020. The forecast of financial results and DPU for the fiscal period ending December
2020 (35th Fiscal Period) remains unchanged as TBD.
1.

Revision of the forecast of financial results and distribution for the fiscal period ending June 2020
(from January 1, 2020 to June 30, 2020)<Fiscal Period Ending June 2020>

Previous forecast (A)(announced on
April 24, 2020)
Revised forecast (B)Amount of Variance(B) – (A)Rate of variance((B) – (A)) / (A)Operating
Revenues

Operating
IncomeOrdinary
Income

JPY million

JPY million

JPY million

JPY million

Total
Distribution
Amount
JPY million

TBD

TBD

TBD

TBD

TBD

JPY million

JPY million

JPY million

JPY million

JPY million

8,923

1,269

187

186

182

JPY million

JPY million

JPY million

JPY million

JPY million

-

-

-

-

-

%

%

%

%

%

-

-

-

-

-

Net Income

This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

1Previous forecast (C)(announced on
February 20, 2020)

JPY million

JPY million

JPY million

JPY million

JPY million

18,51012,342

11,25911,258

11,047

Amount of Variance(B) – (C)JPY million

JPY million

JPY million

JPY million

JPY million(9,587)(11,072)(11,072)(11,072)(10,864)

%

%

%

%

%

(51.8)(89.7)(98.3)(98.3)(98.3)

Rate of variance((B) – (C)) / (C)Distribution
per Unit
Earnings per
Unit (Note 1)

Previous forecast (A)(announced on
April 24, 2020)

Excess Profit
Distribution
per Unit(Excluding
Excess Profit
Distribution perUnit) (Note 1)(Note 1)

Distribution
per Unit(Including Excess
Profit Distribution
per Unit) (Note 1)

JPY

JPY

JPY

JPY

TBD

TBD

TBD

TBD

JPY

JPY

JPY

JPY

30

30

-

30

Amount of Variance(B) – (A)

JPY

JPY

JPY

JPY

-

-

-

-

Rate of variance((B) – (A)) / (A)

%

%

%

%

-

-

-

-

Previous forecast (C)(announced on
February 20, 2020)

JPY

JPY

JPY

JPY

1,846

1,812

-

1,812

JPY

JPY

JPY

JPY

(1,816)(1,782)-(1,782)

%

%

%

%

(98.4)(98.3)-(98.3)

Revised forecast (B)Amount of Variance(B) – (C)
Rate of variance((B) – (C)) / (C)(Note 1) The total number of investment units issued and outstanding at the end of the fiscal period: 6,096,840 units(Reference)
Assumptions underlying the forecast of financial results and DPU for the fiscal period ending June
2020 are provided in Appendix 1.
2. Reasons for the revision of forecast of financial results and distribution
As announced in “Notice concerning Conclusion of Memorandum of Understanding to Amend theFixed-term Building Lease and Property Management Agreement with Major Tenants” (“MOU
Notice”) dated today, INV decided to enter into a Memorandum of Understanding (“MOU”) to amend
each fixed-term building lease and property management agreement (“MLPM Agreements”) for
domestic hotels owned by INV and operated by INV's main tenant, MyStays Hotel Management Co.,
This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

2Ltd. (“MHM”) and its affiliates (collectively with MHM, the “MHM Group”). In light of the impact of
the MOU, information currently available to INV and certain assumptions that are deemed
reasonable by INV, INV announces the revision of its forecast of financial results and DPU for the
fiscal period ending June 2020 (34th Fiscal Period), which was stated as TBD in “Notice concerning
Revision of Forecast of Financial Results and Distribution for the 34th Fiscal Period Ending June
2020 and 35th Fiscal Period Ending December 2020” dated April 24, 2020.
The forecast of financial results and DPU for the fiscal period ending December 2020 (35th Fiscal
Period) remains unchanged as TBD, as it is still difficult for INV to anticipate the spread and impactof the COVID-19 pandemic, the responses of the government and municipalities to the COVID-19
pandemic, the actual termination date of the State of Emergency which was recently extended
through the end of May 2020, and the magnitude of the effect on the economy, the hotel industry or
operators. For the same reason, INV may announce a further revised forecast of financial resultsand DPU for the fiscal period ending June 2020 (34th Fiscal Period), if necessary.
In the fiscal period ending June 2020, the number of hotel guests has recently declined drastically
across Japan due to the COVID-19 pandemic, the declaration of the State of Emergency by thegovernment, requests by municipalities to stay home, other quarantine measures, and overall
restrictions on global travel. The room occupancy rates for the domestic hotel portfolio for the fiscal
period ending June 2020 are shown below. Due to the expansion of the COVID-19 pandemic, theoccupancy rate has declined significantly year-over-year since March, and the timing and shape of
any recovery is unknown as of today.
Change in Occupancy Rate (Note 1) of 75 Domestic Hotels (Note 2) for Jan. through Jun. 2020

(Note 1) “Occupancy Rate” for hotel portfolio is calculated using the following formula:room occupancy rate = total number of rooms occupied during the relevant month ÷ (aggregate number of rooms during therelevant month x number of business days during the relevant months). Hereinafter the same.
(Note 2) Based on 75 hotel properties; of the 84 domestic hotel properties (including Sheraton Grande Tokyo Bay Hotel, the underlying
asset of preferred equity interest held by INV) held as of the end of April 2020, 9 hotels with fixed-rent lease agreements are
excluded. Hereinafter the same.
(Note 3) The figures for April through June 2020 show estimated figures as of today, and are subject to change, as it is still difficult toanticipate the spread and impact of the COVID-19 pandemic. For June 2020, we have assumed that the State of Emergency
will be terminated on May 31, 2020 and the number of occupied rooms will gradually recover.
This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

3

Regarding overseas hotels, the Cayman Islands government announced that it would close Owen
Roberts International Airport in Grand Cayman from March 23 to May 31, 2020. Following thisannouncement, the operation of two Cayman Hotels (Westin Grand Cayman Seven Mile Beach
Resort & Spa and Sunshine Suites Resort) has been suspended. The reopening date is scheduled
to be July 1 at the earliest at present, but since Cayman Islands government may extend the closureof the International Airport further, details have not been determined. Regarding the annex
construction plan, the construction start date and completion date are expected to be delayed fromthe plan announced on February 20, 2020, but it is still unclear how long the plan will be delayed.
Change in Occupancy Rate of the Cayman Hotels for Jan. through Jun. 2020

(Note 4) The figures for April through June 2020 show estimated figures as of today, and are subject to change, as it is still difficult toanticipate the spread and impact of the COVID-19 pandemic.

There have been cases in which the financial position of hotel operators has deteriorated to the levelplacing them into insolvency proceedings. As the entire hotel industry continues to be in a crisis,
the MHM Group, which is a major tenant and hotel operator of INV owned hotels, strongly requested
INV to exempt the MHM Group from the payment of the rent that is due on May 11, 2020 (the due
date for the fixed rent for March 2020) and thereafter, and the change of the cost burden and otherconditional changes for the time being. Therefore, as announced in the MOU Notice dated today,
INV has decided to conclude the MOU on amendment to the MLPM Agreements for the domestic
hotels owned by INV and operated by the MHM Group. The conclusion of the MOU will result in asignificant decline in rental revenues and a significant increase in property related expenses at hotels
in the fiscal year ending June 2020.
In addition, as noted above, management contract revenue from overseas hotels is expected to
decline significantly due to the suspension of operations. Furthermore, regarding dividend income
for the fiscal period ending June 2020 related to preferred equity interest in the TMK which holds theSheraton Grande Tokyo Bay Hotel as an underlying asset, the dividend income is expected to decline
as it is based on the hotel's performance from October 1, 2019 to March 31, 2020 because of thecalculation period of the TMK issuing preferred equity interest, which has seen a significant decline
This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

4

in room occupancy rates due to the effects of the temporary closure of the adjacent Tokyo Disney
Resort starting from February 29, 2020.
Some of the hotels owned by INV have been temporarily closed as described in Appendix 2. As aresult, INV forecasts a decrease in NOI of the hotel portfolio (75 hotels) by 92.5% year-over-year
and a decrease in NOI of the Cayman Hotels by 74.5% year-over-year for the fiscal period ending
June 2020.
Consonant Investment Management Co., Ltd., the asset manager of INV, has been working with
MHM to ensure the safety and employment of employees of MHM, and is working together tothoroughly reduce costs while considering various measures to secure profits. Specifically, MHM
and CIM are working to reduce costs such as utilities by partially closing certain floors in reaction to
the decline in hotel demand, and in areas where multiple hotels are located in the vicinity, we areconsolidating operations on specific properties and closing the remaining hotels. In hotels withsurplus staff in view of current demand, the MHM Group utilizes the Japanese Government’s
Employment Adjustment Subsidy to furlough workers. In addition, MHM and CIM are working to
reduce costs by reviewing contracts for cleaning and other services. Moreover, CIM and INV strive
to secure INV’s cash on hand by minimizing capital expenditures (construction work). On the sales
side, in order to compensate for the sluggish hotel demand, we are offering a "Telework Support
Plan" in some hotels for people who need to work from home during the day time.
Residential properties (Note 5) are performing very stably so far, and NOI in the fiscal period ending
June 2020 is expected to grow by 0.5% year-over-year.
Despite these efforts, INV expects to see a substantial decline in net income and DPU for the fiscal
period ending June 2020. We ask for investors’ understanding in light of the unpredictable situationin which almost the entire hotel demand has suddenly disappeared due to the COVID-19 pandemic.
We have also considered to stabilize the DPU by utilizing a portion of internal reserve in the amountof JPY12.7 billion which was accumulated via asset dispositions, but we have concluded that it isprudent and beneficial from a long-term perspective for both INV and its unitholders’ interest to keep
the cash on hand to be prepared for unforeseeable circumstances.
However, INV believes that the current issues regarding COVID-19 do not have a material adverse
effect on the financial well-being of INV due to the quality of our portfolio, including residential
properties that provide stable rent income, low borrowing ratio, and our strong relationship with banks.
INV and CIM will work together to strive for early recovery of the performances.
(Note 5) Based on 60 properties held by INV as of the end of April 2020.

Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

5

(Appendix 1)<Assumptions Underlying the Forecast of Financial Results and Distribution for the Fiscal Period ending June 30, 2020>

Item

Fiscal period

Assumptions

The June 2020 Fiscal Period: from January 1, 2020 to June 30, 2020 (182 days)

Properties held as of the end of the June 2020 Fiscal Period: 147 properties and preferred
equity interests in one TMK
Assets undermanagement

Based on the properties held as of today (147 properties and preferred equity interests
in one TMK), and INV assumes that there will be no change in the portfolio through theend of the fiscal period ending June 2020.
As of the end of the June 2020 Fiscal Period: 6,096,840 units

Units outstanding

INV assumes that there will be no change to the current 6,096,840 units issued andoutstanding through the end of the June 2020 Fiscal Period.
Balance as of the end of the fiscal period ending June 2020: JPY 263,468 million(borrowing: JPY 255,268 million, investment corporation bonds: JPY 8,200 million)

Interest-bearing liabilities

INV assumes that of the current total balance of JPY 266,154 million, INV intends torepay consumption tax loan of JPY 2,686 million maturing on July 18, 2020 in the fiscal
period ending June 2020. Regarding other loans maturing during the June 2020 Fiscal
Period, INV intends to refinance at a similar condition during the fiscal period.
INV assumes no other new loan or prepayment of loan through the end of the June 2020
Fiscal Period.

This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

6INV expects to record rental revenues for the fiscal period as follows:・Rental revenues(of these, hotel rents)(fixed hotel rents)(variable hotel rents)
・Management contract revenue
・TMK dividend amountJune 2020
Fiscal Period
JPY 5,400 million(JPY 2,832 million)(JPY 2,019 million)(JPY 812 million)
JPY 878 million
JPY 605 million

・Gain on sale

JPY 2,038 million

Total operating revenues

JPY 8,923 million

INV estimates the amount of dividends on the preferred equity interests based on theperformance of the underlying asset and the assumed amount of expenses incurred by
the TMK.
Operating revenues

INV recognizes management contract revenue from the overseas hotels as real estate
investment income from management contracts of the Cayman Hotels. The forecasts
of management contract revenue are based on estimated performance of the underlying
assets and the assumed amount of expenses incurred by the hotel managementcompany. Management contract revenue have been calculated based on the exchange
rate of USD 1 = JPY 110.00, as the exchange rate is fixed based on the currency put/call
options covering approximately 85% of expected cash flow. Previously, INV had
assumed that the expansion and renovation of the Cayman Hotels would begin in thesummer of 2020 with the goal of completion in the summer of 2023. However,considering that the Cayman Hotels are currently closed due to the impact of COVID-19,
INV is forced to refrain from discussions on the expansion and renovation project. As aresult, INV does not anticipate and incorporate any particular impact of the expansion
and renovation for the purpose of this forecast for the fiscal period ending June 2020.
Rental revenues are calculated after considering waiving of rent and change of variable
rent pursuant to the MOU as announced in the MOU Notice dated today and based on
estimates as of today. In addition, INV assumes there will be no delinquencies or nonpayment of rent by other tenants.

This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

7

INV expects to incur property related expenses and management contract expenses outof operating expenses for the fiscal period as follows:・Facility management fees (Note 1)(of these, repair costs)
・Taxes and other public charges (Note 2)・Insurance expenses
・Depreciation expenses
・Other expenses
Total property related expenses andmanagement contract expenses

Operating expenses

June 2020
Fiscal Period
JPY 2,046 million(JPY 37 million)
JPY 599 million
JPY 147 million
JPY 4,088 million
JPY 205 million
JPY 7,087 million(Note 1) Figure includes an assumed amount which almost equals to a maximum of theadditional burden of property management cost and increased amount of the
management fee estimated as of today (Total: JPY 1,485 million) pursuant to the MOU
as announced in the MOU Notice dated today.
(Note 2) Property taxes and city planning taxes on the acquired assets are calculated ona pro-rata basis with the previous owners and settled at the time of acquisition, and are
not recorded for the fiscal periods ending June and December during the year ofacquisition and recorded from the fiscal period ending June in the next year as theamount equivalent to such settlement is included in the acquisition cost.
For the two hotel properties acquired on January 6, 2020, INV expects to record theproperty taxes and city planning taxes of JPY 41 million in total as part of the totalacquisition cost, and an annual amount of JPY 42 million of such taxes as expenses
starting from the fiscal period ending June 2021.
INV expects to incur other operating expenses than the property related expenses ormanagement contract expenses for the fiscal period as follows:・Other operating expenses

June 2020
Fiscal Period
JPY 565 million(of these, asset management fees)(JPY 300 million)

INV expects to record net operating income for the fiscal period as follows:
June 2020
Fiscal Period

NOI

・NOI

JPY 3,886 million(of these, domestic hotel NOI)(of these, overseas hotel NOI)(of these, residential NOI)(JPY 1,356 million)(JPY 706 million)(JPY 1,641 million)

NOI calculation method in the above table is as follows
・NOI＝ Rental Revenues ‐ Property Related Expenses + Depreciation Expenses+
Dividends on the preferred equity interest (TMK dividend) + (Management Contract
Revenue‐Management Contract Expense)
NOI for June 2020 fiscal period is calculated after considering waiving of rent, changesof variable rent and cost burden pursuant to the MOU as announced in the MOU Notice
dated today.

This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

8INV expects to incur non-operating expenses for the fiscal period as follows:

Non-operating expenses

・Interest expense
・Finance related costs・Interest for investment corporation
bonds
・Depreciation of investment
corporation bonds issuance
expenses
Total non-operating expenses

June 2020
Fiscal Period
JPY 711 million
JPY 342 million
JPY 22 million
JPY 6 million
JPY 1,082 million

The distribution per unit is calculated in accordance with the cash distribution policy as
set forth in INV’s Articles of Incorporation.
With respect to the distribution for the fiscal period ending June 2020, INV expects todistribute an aggregate net income amount of JPY 186 million (distribution per unit: JPY
30).
Distribution per unit

For the fiscal period ending June 2020, INV expects to record deferred gain on hedge ofthe interest rate swap and the currency option as the valuation and conversion
adjustments, etc. of JPY 33 million, which is equal to the amount for the fiscal period
ended December 2019. The distribution per unit is calculated based on the assumptionthat fluctuation of the market value of the interest rate swap and the currency option does
not affect the distribution per unit.
Distribution per unit may vary due to various factors, including changes of the assets
under management, fluctuation of rent income associated with reasons such as changeof tenants and occurrences of unexpected repairs.
INV believes maintaining the stability of cash distributions over the medium term is oneof the most important factors in determining the amount of distribution for a given fiscal
period, and therefore, INV has adopted the policy to make distributions in excess of profits
in order to stabilize distributions, in cases where dilution of investment units or significant
expenses are to be recorded in connection with, among other things, the acquisition ofassets or the raising of capital, leading to a temporary decrease in distribution per unit,
taking into consideration the level of distribution per unit assuming such acquisition ofassets or capital raising had contributed for a full fiscal period.
INV may also consider making distributions in excess of profits for the purpose of
decreasing the impact from corporate tax increase arising from different rules in tax andaccounting practices, such as treatment on depreciation of fixed term land lease or asset
retirement obligation.

Excess profit distribution
per unit

With respect to the fiscal period ending June 2020, INV will not make distributions inexcess of profits. In addition, INV will not make distributions in excess of profits in order
to cope with the discrepancy between tax and accounting treatment.
June 2020
Fiscal Period
Excess profit distribution per unit-

Moreover, we have also considered to stabilize the DPU by utilizing a portion of internal
reserve in the amount of JPY12.7 billion which was accumulated via asset dispositions,but we have concluded that it is prudent and beneficial from a long-term perspective forboth INV and its unitholders’ interest to keep the cash on hand to be prepared for
unforeseeable circumstances in which almost the entire hotel demand has suddenly
disappeared due to the COVID-19 pandemic.

This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

9Other

INV assumes there will be no amendments to applicable laws and regulations, thetaxation system, accounting standards and other regulations that would affect theforegoing forecasts.
In addition, INV assumes there will be no unforeseen material changes in general
economic trends, real estate market conditions and other trends and conditions.

This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

10

(Appendix 2)<Temporary Closure Status of Hotels Owned by INV>

Property
Number

Property Name

Location

Closed Date

End of Closing
Period (Note)

Status of Operation

D53

Hotel MyStays Sapporo
Station

Sapporo-shi,
Hokkaido

March 18

May 15

Consolidating operations with
Hotel MyStays Sapporo Aspen

D68

Hotel MyStays Kanazawa
CastleKanazawa-shi,Ishikawa

April 13

May 15

Consolidating operations with
Hotel
MyStaysPremierKanazawa

D71

Hotel Nord Otaru

Otaru-shi,
Hokkaido

March 18

May 15

Consolidating operations with
Hotel Sonia Otaru

D75

Hotel MyStays Sapporo
Susukino

Sapporo-shi,
Hokkaido

March 18

May 15

D76

Hotel Mystays Sapporo
Nakajima Park

Sapporo-shi,
Hokkaido

March 18

May 15

D77

Hotel MyStays Sapporo
Nakajima Park Annex

Sapporo-shi,
Hokkaido

March 6

May 15

D3

Hotel MyStays Kyoto-Shijo

Kyoto-shi, Kyoto

May 1

May 31

D44

Hotel Epinard Nasu

Nasu-gun,Tochigi

April 28

May 31

D48

Takamatsu Tokyu REI Hotel

Takamatsu-shi,
KagawaApril 25

May 31

D65

Art Hotel Ishigakijima

Ishigaki‐shi,Okinawa

April 20

May 31

D66

Hotel MyStays Fuji Onsen
ResortFujiyoshida-shi,
Yamanashi

May 1

May 31

D79

MyCUBE by MYSTAYS
Asakusa Kuramae

Taito-ku,
Tokyo

March 8May 15-

Sheraton Grande Tokyo Bay
Hotel

Urayasu-shi,
Chiba

April 28

May 31

D200

Westin Grand Cayman Seven
Mile Beach Resort & Spa

Cayman Islands

March 22

June 30

D201

Sunshine Suites Resort

Cayman Islands

March 22

June 30

Consolidating operations with
Hotel
MyStaysPremier
Sapporo Park

Closing(Note) Expected end of Closing Period as of today, which could change.

This English language notice is a translation of the Japanese-language notice released on May 11, 2020 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English
translation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and
the Japanese original, the latter shall prevail in all respects.

11